Planet Labs PBC (PL) Earnings Date & Reports

Planet Labs delivered standout Q4 fiscal 2026 results, with revenue of $86.8 million exceeding consensus estimates of around $78 million by over 11%. This represented a 41% increase from the prior-year quarter. Full-year revenue totaled $307.7 million, up 26% year-over-year.

GAAP net loss for Q4 was $152.5 million, or -$0.48 per share, primarily due to a $122.6 million non-cash loss from warrant liability revaluation; the full-year GAAP net loss was $246.9 million, or -$0.80 per share. Non-GAAP results showed Q4 net loss per share at $0.00, aligning with break-even performance. Adjusted EBITDA turned positive at $2.3 million for the quarter and $15.5 million for the year.

GAAP gross margin improved to 54% in Q4 and 56% for the full year, while non-GAAP margins reached 57% and 59%, respectively. Key metrics included a backlog over $900 million (+79% YoY), RPO of $852 million (+106% YoY), and 98% recurring annual contract value (ACV). Operating cash flow was $134.4 million for the year, generating $52.9 million in free cash flow (FCF), with cash reserves at $640.1 million.

Guidance for Q1 FY2027 projects revenue of $87–$91 million, with full-year revenue at $415–$440 million, signaling accelerated growth.

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Market Reaction and Investor Sentiment

PL shares surged 8.67% to close at $26.96 on March 19, 2026, following the after-hours earnings release, with further gains in subsequent sessions amid enthusiasm for the revenue beat, record backlog, and ambitious FY2027 guidance. Investors focused on operational momentum, profitability milestones, and AI partnerships like the Google R&D collaboration, overshadowing the GAAP EPS miss tied to one-time items. Sentiment remains bullish, supported by a 10x stock rise over the prior year.

Forward Outlook and Key Factors to Monitor

Planet Labs' FY2027 guidance points to revenue acceleration to $415–$440 million, more than 35% growth at the midpoint, driven by backlog conversion and new satellite services. Investors should track Q1 FY2027 results in early June, expected to validate the trajectory with revenue around $89 million midpoint.

Key areas include execution on 40+ satellite launches planned, enhancing data cadence for AI applications. Monitor backlog progression, aiming for steady RPO growth, and gross margin expansion toward 52% non-GAAP. Demand signals from defense and commercial sectors, including win-back customers boosting net dollar retention, will be critical.

Potential margin pressures from capex ($80–$95 million) for fleet expansion warrant attention, alongside adjusted EBITDA path to $0–$10 million profit. Broader industry dynamics, such as AI adoption in geospatial analytics and partnerships like Google, could unlock new revenue streams. Free cash flow sustainability and cash deployment remain focal points in a capital-intensive business.

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